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[The following information applies to the questions displayed below.] On January 1, Year 1, Brown...

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Accounting

[The following information applies to the questions displayed below.] On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $103,000 face-value, four-year term note that had an 5 percent annual interest rate. The note is to be repaid by making annual cash payments of $29,047 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $55,000 cash per year.

Required a. Prepare an amortization schedule for the four-year period. (Round intermediate calculations to nearest dollar amount. Round your answers to the nearest dollar amount.)

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